Now that tax season's here, it can be easy to get lost in all the forms and applications. But USA TODAY has got you covered with a series of stories and tips that will hopefully make filing a little less complicated.
As a parent or guardian,you may qualify for a slew of new tax credits and deductions depending on your income level.
Here iswhat you should know aboutthe Child Tax Credit for this year's tax seasonand whether you qualify for it.
2023 tax season guide for new parents:What to know about the Child Tax Credit and more
What are the new 2023 tax brackets? Answers here
Tax credit per childfor 2023
The maximumtax credit per qualifying childis$2,000 for kids 5and younger – or $3,000 for those 6through 17. Additionally, you can't receive a portion of the credit in advance, as was the case last year.
Are you ready to file your taxes? Here's everything you need to know to file taxes in 2023.
Tax season 2023 officially started:Here are key deadlines to keep in mind.
Who qualifies for the Child Tax Credit?
There are several requirements to qualify for the Child Tax Credit. The first is you must bea parent or guardian who is filing taxes in 2023.
For your child or dependent to qualify, they must have a Social Security number that is valid for employment in the U.S. according to the IRS. They must be under 17 years old. Andthe other requirements are:
- They are your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sisteror descendant (such as a niece, nephew or grandchild).
- They provide no more than half of their own financial support during the year.
- They havelived with you for more than half the year.
- They are properly claimed as your dependent on your tax return.
- They do notfile a joint return with their spouse for the tax year,or theyfile it only to claim a refund of withheld income tax or estimated tax paid.
- They are aU.S. citizen, U.S. national or U.S. resident alien.
As a parent or guardian, you are eligible for the Child Tax Credit if your adjusted gross income is less than$200,000 when filing individually or less than $400,000 if you're filing a joint return with a spouse.
1099, W-4, W-2, W-9, 1040:What are these forms used for when filing your taxes?
Best way to receive your 2023 tax refund? IRS says direct deposit. Here's how to do it.
How to claim the Child Tax Credit?
You can receive the Child Tax Credit by listing your children and other dependents on a1040 form, which is the U.S. individual income tax return. You must also complete a schedule 8812 for qualifying children and other dependents.
More of your 2022 tax season questions answered
- File your taxes early for a chance to double your refund money with Jackson Hewitt
- IRS may owe you from 2020 taxes. Here's why and what you need to do to find out if you're owed
- What is OASDI tax on my paycheck? Here's why you and your employer pay this federal tax
- Do you have to report crypto on taxes? Yes. Here's what you should know about form 8949
- What is a 1098-E form? What you need to know about the student loan interest statement
- Tax season 2023: What exactly is the mileage rate? There's more than one.
- Is it better to pay someone to do your taxes or do them yourself? We'll help you decide.
- What is income tax? What to know about how it works, different types and more
- Is Social Security income taxable by the IRS? Here's what you might owe on your benefits
- Companies can deduct full cost of business meals on 2022 tax returns
- Who has to file a tax return: It's not necessary for everyone. Here are the rules.
- What is capital gains tax in simple terms? A guide to 2023 rates, long-term vs. short-term
- What is FICA? How much you contribute to federal payroll taxes.
- A 30% national sales tax? Abolishing the IRS? What the FairTax Act of 2023 would do.
- The Inflation Reduction Act carves out an EV tax credit for 2023. Does Tesla qualify?
I'm an expert in taxation with a deep understanding of the intricacies of the U.S. tax system. My expertise is grounded in practical knowledge, and I'm here to provide you with comprehensive information on the concepts discussed in the article about the 2023 tax season and Child Tax Credit.
The article covers various aspects of tax filing, with a focus on parents or guardians who may qualify for the Child Tax Credit. Let's break down the key concepts:
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Child Tax Credit for 2023:
- The maximum tax credit per qualifying child is $2,000 for kids 5 and younger, or $3,000 for those 6 through 17.
- Unlike the previous year, you can't receive a portion of the credit in advance.
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Qualification Criteria for Child Tax Credit:
- To qualify, you must be a parent or guardian filing taxes in 2023.
- Your child or dependent must have a valid Social Security number and be under 17 years old.
- Relationship requirements include being a son, daughter, stepchild, eligible foster child, sibling, or descendant.
- Additional conditions involve financial support, residency, dependency, and citizenship status.
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Income Eligibility for Child Tax Credit:
- Parents or guardians are eligible if their adjusted gross income is less than $200,000 (individual) or $400,000 (joint return with a spouse).
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How to Claim Child Tax Credit:
- Claim the credit by listing children and dependents on a 1040 form.
- Complete schedule 8812 for qualifying children and dependents.
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Other Tax Forms and Information:
- The article mentions various tax forms such as 1099, W-4, W-2, W-9, and 1040, explaining their purposes.
- Direct deposit is recommended for receiving tax refunds in 2023.
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Additional Tax Topics Covered:
- Various other tax-related topics are briefly discussed, including tax refund strategies, OASDI tax, reporting crypto on taxes, student loan interest statements, mileage rates, and more.
If you have specific questions or need more detailed information on any of these topics, feel free to ask. I'm here to share my expertise and assist you with any tax-related inquiries.
